A Radar investigation reveals that top political families and business elites close to Aleksandar Vučić have poured millions into the Vista Rica investment funds, raising concerns of money laundering and systemic corruption.
An Expanding Scandal Surrounding the Vista Rica Funds
A new investigation has uncovered a troubling financial network centered around Vista Rica Invest and Vista Rica Corporate, two investment funds founded by high-ranking SNS officials. According to Radar’s findings, the funds’ client base is dominated by individuals from the highest ranks of the ruling party and Serbia’s emerging business elite—many of whom owe their meteoric rise to political patronage under Aleksandar Vučić’s regime.
Some transactions have already drawn the interest of investigators due to suspected money laundering, yet the authorities—firmly controlled by the ruling party—have taken no visible action.
Key Founder With Strong Ties to the Presidency
The principal figure behind the funds is Tatjana Vukić, a senior SNS Presidium member known for her close connections to President Vučić and his brother Andrej. She owns 50% of the fund, leads its Supervisory Board, and manages several businesses tied to powerful networks within the party and state institutions.
Vukić’s influence extends even further through her role as director of the Foundation for the Serbian People and State, an organization strategically positioned at the heart of the ruling party’s public outreach.
Relatives of Top Officials Among Major Investors
Radar’s data shows that the funds have attracted unusually large deposits from close relatives of Serbia’s ruling elite, including:
- Igor Brnabić (brother of former PM Ana Brnabić): 50,000 EUR
- Predrag Mali (brother of Finance Minister Siniša Mali): 25,000 EUR
- Andrej Vučić (brother of President Vučić): 500,000 RSD
In addition, lawyer Igor Isailović, a longtime associate of both Mali and Brnabić, invested 100,000 EUR—despite being previously linked to allegations of illicit financial dealings in the Marija Mali corruption case.
A Surge of Deposits from Serbia’s New Business Elite
The investigation highlights that from January 2024 to February 2025, the two funds received an astonishing 86.3 million EUR (in dinars and foreign currency combined). Much of this capital flowed from Serbia’s newly-empowered business class—companies and individuals whose fortunes have flourished almost exclusively under the patronage of the ruling SNS.
Major contributors include:
- Aleksandar Galić (Galens Group): 1.5 billion RSD
- Davor Macura (Alta Pay Group): ≈ 1 million EUR
- Ivan Bošnjak (Millennium Team): 80 million RSD
- Ostoja Mijailović (OMR Group; KK Partizan president): 10 million RSD
- Batrić Radunović (Intergradnja, PZP Požarevac): 2.1 million EUR
- Manojlo Mandrapa (Tajm Partner): 35 million RSD
Many of these companies have benefited from state contracts worth hundreds of millions, often awarded without transparency.
Potential Money Laundering Flags Ignored by State Authorities
Several banks reportedly filed legally required alerts for suspicious transactions. However, Serbia’s Administration for the Prevention of Money Laundering—headed by Željko Radovanović, a former intelligence officer loyal to the ruling structure—did not launch any investigation, despite their legal obligation to act.
Instead, the institution has shown far greater enthusiasm for pursuing NGOs, independent media, and opposition figures, reinforcing concerns that state institutions have been weaponized to protect the ruling elite and target critics.
Deep Overlap Between Business Interests and the Ruling Party
The Vista Rica case illustrates a systemic issue:
Serbia’s political leadership and business elite have become deeply intertwined, with state contracts, regulatory decisions, and financial flows benefiting a closed circle of politically loyal companies.
Notably:
- Vukić sits on supervisory boards of companies owned by Dragoljub Zbiljić, a businessman tied to major energy-sector contracts and even mentioned in Sky app evidence linked to organized crime.
- Several contributors are currently under criminal investigation, yet continue to win state tenders worth millions.
- Some investors have been implicated in prior scandals involving corruption, tax evasion, or political patronage.
A System Built on Loyalty, Fear, and Protection
The Vista Rica investment fund scandal exposes yet another layer of how the Vučić administration has centralized economic power, rewarding political loyalty and shielding key allies from scrutiny.
Despite obvious red flags—including unusually large deposits, rapid concentration of capital, and investors entangled in ongoing criminal cases—the institutions tasked with monitoring financial crime remain silent.
The pattern is consistent:
When money flows toward individuals tied to the ruling party, investigations stall. When the money flows to dissidents or critics, investigations erupt.
A Dangerous Fusion of Power and Capital
The evidence presented raises serious concerns that the Vista Rica funds may be functioning as financial hubs for Serbia’s ruling elite, enabling the consolidation of economic and political power while sidestepping institutional oversight.
Until independent prosecutors and regulators are allowed to operate free from political influence, scandals like this will continue to undermine the rule of law—and deepen public mistrust in Serbia’s democratic institutions.
